bankingciooutlook
Zenmonics: At the Forefront of Agile Banking

Top 10 Retail Banking Solution Providers - 2018

As digitalization grows to prominence, organizations today are totally engrossed in executing their daily transaction through connected devices that simplify their operations and business processes. Today, it is not too surprising to see retailers seeking a much-needed dose of technology to simplify their retail banking processing. With the millennial generation expected to become the largest consumer group by the next decade, CIOs are pressurized to gear up with innovative banking systems, products, and services that help them to increase revenue, and stay ahead in the competitive marketplace.

The lack of automation has led to several non-core lenders employing antiquated and cumbersome solutions such as spreadsheets. They often fail to identify the missed fines and accrued interest, and this can cost millions of dollars. Besides the augmentation of retail banking practices, even the customers of the digital age expect seamless services such as quick and automated processing, and instant response to queries through their preferred communication channels. To assist banks, credit unions, and credit companies in augmenting their customer service, several providers are offering robust solutions designed to improve customer experience (CX), battle financial fraud, and increase operational efficiency.

The demand for customer-centric and simple solutions has spurred developers to design products to which even users with no previous experience can get acquainted with in a short period. With the proliferation of technology in the retail banking industry, the enhancement of customer experience has become paramount. To promote agile processes and innovative approaches, traditional retail banks are investing in digital transformation.

The emerging banking solutions harness the power of artificial intelligence (AI), machine learning (ML), big data, voice biometrics, and several other technologies to help organization link the various consumer interaction channels, including SMS texts, email, voice, chatbots, and so on to provide customers with superior, omnichannel, self-service experience.

To achieve this, financial institutions across the globe are inclining heavily on automated banking solutions to manage client’s transactions and accounts. More and more organizations around the globe are seeking novel ways of introducing self-service into the various communication channels and make it easy for their customers to resolve their queries and conduct banking without human interaction.

The staggering growth of cloud services and big data analytics is helping banks formulate innovative consumer-centric strategies. A reliable mobile and wireless banking option allow retailers to transact anywhere, anytime— while reducing operating expenses and time. Add to this, features such as predictive analysis and transaction data monitoring are facilitating banking firms with customized solutions. These technologies are also helping banks improve risk management and compliance.

In order to drive success in the banking environment, it is essential for financial institutions to acquire greater expertise incoherent digital ecosystems that can ensure the efficacy of their solutions while providing state-of-the-art services. To help CIOs, CFOs, and CEOs find the right solutions for their retail banking initiatives, a distinguished panel comprising CEOs, CFOs, analysts, and Banking CIO Outlook’s editorial board has selected the top players in the sector. The companies featured here demonstrate an ability to develop innovative technologies and methodologies while providing outstanding customer service.

We present to you Banking CIO Outlook’s Top 10 Retail Banking Solution Providers - 2018.

Top Retail Banking Technology Companies

C2 Systems is the developer of C2 Covalent, a cloud-based loan origination system (LOS) designed to consistently process consumer and small commercial load applications from the point of sale, through underwriting, compliance, and e-contracting with an integrated hand-off to the loan servicing platform. The intuitive system requires minimal training from bank personnel and accommodates rapid deployment. The Covalent solutions have spurred financial organizations to digitalize their antiquated systems. C2 Systems aims to level the playing field for mid-tier banks and empower them to compete against the largest banks in the US. Its streamlined LOS reduces loan origination process from over three days to less than 45 minutes

go-c2.com

Enacomm provides innovative, interactive, and intelligent customer self-service and assisted-service solutions to premier financial organizations. Its solutions, which can be delivered as hosted services or on-demand through the cloud, have taken interactive voice response (IVR) technology to its highest level. The customer base of Enacomm ranges from Fortune 50 to Fortune 2000 companies focused around the financial sector. Enacomm’s solutions leverage web, mobile, SMS, email, voice, and other communication technology channels to equip customers with a superior, multi-modal, self-service experience. It processes over 1 million voice calls, SMS texts, emails, and automated data transactions every day

www.enacomm.net

Margill Solutions offers its transformative services to accountants, economic development agencies, consumer & business lenders, micro-lenders, and so on located in over 38 countries around the world. Its solutions have revolutionized the lending process, turning hours of loan servicing into minutes, while also eliminating errors. The Margill Loan Manager offers simplified, affordable, and versatile capabilities for financial organizations, enabling them to save time and avoid errors in the loan management process. Headquartered in Blainville Quebec, the company was founded in the year 1992. It specializes in loan servicing software, legal interest calculation software, collection of judgment software, and many other solutions

www.margill.com

Temenos is a world leader in banking software, and collaborates with premier banks and financial institutions, aiding them to transform their businesses and stay at the helm of the evolving marketplace. More than 3,000 financial firms, including 41 of the top 50 banks, leverage the services of Temenos to process their daily transactions and client interactions with over 500 million banking customers. The company offers cloud-native, cloud-agnostic front office and core banking, payments, fund management, and wealth management software products designed to assist banking institutions in delivering consistent and seamless customer experiences

www.temenos.com

Zenmonics specializes in the development of intuitive, omnichannel software designed to empower financial organizations in creating seamless and engaging experiences for their customers and associates. Its flagship product channelUNITED enables organizations to move from their dissociated systems to a versatile platform that supports all bank channels. Zenmonics is headquartered in the banking capital of Charlotte, North Caroline. Since its inception in 2007, the company has expanded into a global force of innovators, creators, and visionaries passionate about revolutionizing the banking experience. Its solutions are designed to enhance sales, servicing, and origination features from inside the branch to call centers and remote sales and relationship management workforce

zenmonics.com

3i Infotech

3i Infotech

3i Infotech empowers business transformation through its comprehensive IP based software solutions and IT services. The public global information technology company is committed to addressing the dynamic needs of various verticals, including banking, insurance, capital markets, asset & wealth management, and so on. Also, it offers robust solutions to the government, manufacturing, retail, distribution, telecom, and healthcare sectors. With a robust product portfolio including Premia, MFund, Orion, Kasle, and Amlock, 3i Infotech has strong footholds in South Asia, Middle East, Africa, China, Asia Pacific, Kingdom of Saudi Arabia, and North America

Blend

Blend

Blend is dedicated to enhancing consumer lending by making the process simpler, faster, and safer. It partners with banks and lenders to promote seamless, compliant, and accessible lending process, including mortgages and loans. The company is steadily expanding its customer base across the US, with new offices in San Francisco and New York. Founded in the year 2012 by a group of Palantir engineers, Blend is backed by investors such as Greylock and Emergence Capital. It has brought transparency and simplicity to the lending process, ensuring the best experience for everyone involved

EdgeVerve

EdgeVerve

EdgeVerve is driving digital transformation with its robust AI-enabled solution. Its A Cube strategy is composed of three principal tenets-Automation, Artificial Intelligence, and Applications. It enables financial organizations to migrate to the digital era, arming them with AI-enabled business applications. The three-pronged strategy of EdgeVerve is aiding its clients in their digital journey. Its product portfolio includes AssistEdge, and InfosysNia, a platform with capabilities across the automation continuum. EdgeVerve’s flagship product, AssistEdge, enables organizations to discover and automate repetitive tasks, helping businesses manage their transition to intelligent automation and cognitive capabilities

FI Navigator

FI Navigator

FI Navigator offers a robust data and analytics platform to the US banking sector, including industry vendors and consultants. The company works directly with the executive management of banks and credit unions, helping them develop effective strategies to identify new business opportunities, franchise growth, risk management, and product offering. Its platform is powered by a proprietary ability to extract and analyze unstructured website data and integrate it with other industry data. Vendors and consultants in the banking sector leverage FI Navigator to enhance client strategy, sales, and marketing. The components of FI Navigator are focused on augmenting the performance of financial institutions

Intellect Design Arena

Intellect Design Arena

Intellect Design Arena is a premier service provider for banking, insurance, and other financial services. The uniquely focused products company is focused on meeting the needs of financial institutions in different stages of technology adoption. Its offerings range across global consumer banking (iGCB), Central Banking, Risk & Treasury Management (iRTM), Global Transaction Banking (iGTB), and Insurance. The Intellect Suite is one of the largest, with significant investment in research and development. Intellect Design Arena is a customer-centric company, with its groundbreaking solutions driving value in more than 250 financial institutions in 30 countries